VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 27, 2006) - Western Copper (TSX:WRN) would like to make the following announcement and provide a Carmacks Copper Project update of 2006 plan targets:
Western Copper has contracted Kluane Drilling Ltd. to undertake a 10,000 meter diamond drilling program. Mobilization is targeted to begin on July 4, 2006. The goal of the program in 2006 is to increase the Carmacks Project mineral resources.
Project update:
- A geosciences firm from Whitehorse, YT has been retained to review, verify and update the existing historical resource estimate to comply with NI 43-101. The review is underway and it is estimated that this resource update including additional drilling, will be completed in the third quarter of 2006.
- A 2,000 meter rapid air blast drill program will be initiated in August 2006 to sample bedrock for the purposes of identifying No. 1 zone extensions, sampling other exploration targets on the property, and for condemnation drilling of the heap leach pad and waste storage areas.
- An update of the feasibility study is targeted for release by year-end 2006 / early 2007.
- Permitting of the Carmacks Copper Project, which is targeted for Q1 2007, will allow the initiation of mine site preparation and construction in Q2 2007.
Western Copper is engaging local towns and First Nations communities in a consultation process in accordance with the Yukon Environmental and Socio-economic Assessment Board (YESAA) process. As a result of recent meetings - including meetings last week - with involved communities and governments, Western Copper is encouraged by its productive and positive working relationship with the communities it has engaged, the YESAA Board and with the Yukon Territorial Government.
Western Copper and Carmacks Copper Project background:
Western Copper Corporation (TSX:WRN) is the company formed on May 4, 2006 in an asset spin-off upon the takeover of Western Silver Corporation by Glamis Gold (NYSE:GLG). Most of the Management team and Directors from Western Silver transitioned to, and now form the nucleus of, Western Copper.
The spin-off of assets from Western Silver to Western Copper includes assets that total $40 million in cash and marketable securities and two properties: the development stage Carmacks Copper deposit in Canada's Yukon Territory and the exploration stage Sierra Almoloya property in Mexico.
In 1995 a project Feasibility Study was completed and in 1997 a Basic Engineering Report was completed for the Carmacks Copper Project. The mine design consisted of an open pit mine and production facility with output of roughly 32 million lb. of 0.997% pure cathode copper per year over the 7 year mine life, however the price of copper dropped in the late 1990s leading to project deferment at that time.
Western Copper's focus is to develop the Carmacks property into a producing core asset and the identification and acquisition of attractive gold and copper projects, at the advanced exploration stage, for development into operating properties.
James Marlow, P.Eng., is the qualified person responsible for the preparation of this release in accordance with NI-43-101.
On behalf of the board,
F. Dale Corman, President and C.E.O.
Statements contained in this news release that are not historical fact, such as statements regarding the economic prospects of the Company's projects, the Company's future plans or future revenues, timing of development or potential expansion or improvements, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund development, changes in general economic conditions or financial markets, changes in prices for the Company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico or Canada, technological and operational difficulties or inability to obtain permits encountered in connection with our exploration and development activities, labor relations matters, and changing foreign exchange rates, all of which are described more fully in the Company's filings with the Securities and Exchange Commission.
The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.